Small Profit on EURUSD

Raked a small profit on EURUSD. Entered on a bounced support and exited when a bearish pinbar is confirmed. That's what price action tells you!

The Weekly Review

This week the EURUSD had an indecision week ending in a doji. AUDUSD went down after that pinbar while the USDJPY slumped. What will happen next?

US Stocks

Dow Jones index has fallen to 50% of its rally. Will it continue to fall or bounce back up? Could be a chance that it will continue downwards as it looks like going for a big consolidation.

Singapore Stocks

Many good blue chips are undergoing a consolidation as it waited for more direction. One of them is Noble Group, after a huge rally, its now consolidating. So are the BBs accumulating or they are actually dumping stocks to the retailers?

The same goes for property developers like Capitaland and Kepland. We shall see how it move next!

How To Train Yourself To Be A Better Trader

I got this inspiration to write this entry as I am also on the learning path to become a better trader. The reason I'm sharing this because this will be a good article for the beginners and experienced traders who still wants to learn and affirm their trading experience.

Today I'm going to share some plans that will get me to be a better trader. You can tweak the plans to suit your style as successful traders have their own style of trading.

1. Trade The Major Markets

One of the plan is to only concentrate the major markets for Forex. I like to trade just a handful of major forex pairs and Indexes. Most of the pairs include EURUSD, GBPUSD, AUDUSD, EURJPY, AUDJPY, GBPJPY, EURGBP, EURAUD, USDCAD, USDCHF and XAUUSD. For Indexes I like to trade DJ30, ITALY40, DAX, HSI and NIKKEI. Having just these major pairs are already enough opportunities for you to analyse and trade. You do not need to trade 20 - 30 pairs (that's crazy!) as many of exotic pairs are just too illiquid for trading. Stick to simple.

2. Demo Trade

Some traders just jumped into action without demo trading. That's as good as gambling and throwing money into the drain. One action a trader should always do is to demo trade, demo trade, demo trade. Demo trading is a good way to test out your trading strategy and gain confidence in trading skills. Till now I still demo trade on the side to tweak my strategy. Nowadays brokers are getting friendlier and are offering demo trading on their platforms. Some of my favourite platforms for demo trading are CMC Markets and Oanda. Oanda also offers MetaTrader platform which you can install into your computer.

3. Clean Up Your Chart

Having a clean chart allows better clarity in your analysis and planning trading strategy. Check out my article on trading with cleaner charts and also learn how to draw support and resistance.

These are a few technical tips to start your path to better trading. I'll be coming with Part 2 of this article soon. So keep checking for more updates!

Profits from GBPUSD

Profited from GBPUSD after I saw a strong push up. The strong bull was a result from Fed's announcement which surprised those who are long on USD. Profit taken at the end of the long bar. Sometimes luck does give you a profit push!

The Weekly Review: No Tapering Yet

EURUSD gained significantly this week after the fed announcement of no tapering yet. So does AUDUSD, however Aussie showed strong weakness on Friday pulling back significantly ending a pinbar. Will it continue its rally? We shall see next week. USDJPY is getting tighter for a move.

US Stocks

Dow Jones Index had a good rally. On Friday it gave back most of its gains. So it will be a pullback next week.

Singapore Stocks

Property stocks staged a good recovery from its low.

Now we shall see if property stocks will get stuck into consolidation or will start a new bullish trend.

For REITs lovers, CDL Hospitality Trust is looking good for a buy.

Might look to fly long term for this new stock. After dropping to a low of about 0.84, it rose significantly now.

The Weekly Review: Nice Rally

EURUSD fared well this week but still very volatile on the last two days of the week. AUDUSD seems to be going up but that a few pinbars on the daily and another pinbar on the weekly chart has me on the conservative side. USDJPY still forming a consolidation pattern before that huge breakout.

US Stocks

The Dow Jones Index has a very nice straight rally with a pause on Thursday and continuation on Friday. Will it go higher?

Apple gapped down after its announcement of the new iPhones.

Hongkong Stocks

Hang Seng Index is having a pause here after a few days of gaps up and rally.

Singapore Stocks

STI seeing another pause and probably a consolidation.

Noble Group had a good rally on Thursday. Sold down by profit taking on Friday. Will more rally to come?

I completely missed out on Ezra. Too bad it should have been a good trade.

Yangzijiang was also another good stock that BBs were trading.

Profits on EURUSD

Entered on Friday night, hold till it hits my profit target, making a very nice reward! Power of price action!

A Lazy Sunday And Self-review

Doing my analysis on a Sunday. What's in store on Monday after the Australian election, China's trade balance, Syrian War? Doing my research on something exciting in the future!

Had a small profitable trade on AUDUSD on Friday. Exited after the NFP report which gave a huge move. Risky trading the NFP report but gave profits due to the AUD strength. Most of the time, timing your trade is important in the volatile Forex trading.

The Weekly Review: Up or Down?

EURUSD ended the week with a pinbar. Will it go up? While AUDUSD ended a big bullish bar but now where will it be heading? USDJPY is a pair that is forming something. It's going to be big either way when it breaks out.

US Stocks

The Dow Jones Index was in a very wild swing on Friday when it went up positively after the NFP. Then a news about the upcoming Syrian war sent the index deep into -100 within minutes and recovering after Obama's talk with Putin. Where will it go next?

Apple seems to be in a consolidation and poised to move further north.

Hongkong Stocks

Hang Seng Index seems to be in a bullish mood, pushed by China stocks.

Singapore Stocks

Noble Group moved up after that support. Will it move up further?

Sembawang Marine had an aggressive move up after a strong support too. Watch for it.

NOL is gaining big movements by BBs. Will it move up from its lows?

Stop Trading With Messy Indicators

You are in the mid of your trading journey. You have read tons of investment and trading books, went for trading seminars. Each of these books and gurus telling you the many wonderful technical indicators like MACD, Stochastic, ADX, etc that gives you a signal that tells you to buy or sell. You thought: "Wow that's easy! Just wait for the cross or signal and the just execute the trade!" You started with one indicator. Oh, it doesn't work, you lost money even the signal is correct but the markets just turned against your favour. You started to ask: "Hmmmmm, this indicator seems to be not working." You then add another indicator to make your chart reading more accurate. Again it doesn't work. Soon you will be adding more and more indicators until your chart looks so "professional". Still your trades are not working and you find yourself slower than the rest of the market.

STOP USING INDICATORS

Indicators are useful for novices who are just starting their trading journey. It's because they have no idea how the market behaves and moves. And these indicators provides them with some info on how to trade. However as one progresses, indicators are not entirely useful at all. There are a few reasons for it:

1) Technical indicators are all lagging the market. Even so called leading indicators are lagging as they need to wait for market data.

2) Technical indicators encourage you to stare at the chart all day. Staring at the chart all day will screw up your thinking and make emotional trades when they fail to work.

3) Technical Indicators take up space in your chart and makes it look messy. 

4) The best traders seldom use technical indicators. Enough said.

The Zen Chart

How does your chart looks like? Does it looks like a complex state of chart that looks like something coming from Einstein, or the zen-like state of simplicity?

This is what a typical chart full of indicators. Taking up spaces in your workspace preventing you from reading a good chart.

This is what a clean chart will look like. Can you spot the turns and movement clearly?

Cut Down Your Indicators

Start removing indicators. Start to read charts in their raw unprocessed state. Start reading about support and resistance. You will find yourself to start reading charts and movement better. Good luck and Happy Trading!

The Weekly Review: Volatile Sessions

EUR/USD had a big sell off for the week as prices cannot sustain the move up. But get ready for more probably move up. EUR/JPY still stuck. AUD/USD will be interesting as seems like more selling will come.

US Stocks

Dow Jones Index starts to slow down after its fall.

Apple had its impressive rebound. Will more rally come?

Singapore Stocks

Property sector continues to fall in the week after its first short rebound. Now it has reached a second support.

STI is just so awesome for those who shorted in the past few weeks.

Will Wilmar shoot up?